The last nail has just been put in the coffin. An indicator that tracks the state of health of the Bitcoin Mining Ecosystem (BTC) has recently appeared for the first time since volatility, which was recorded for the first time in a year.
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Bitcoin miners are ready for capitulation
Last month, the BTC jumped 42%, from $ 7,300 to $ 10,500 on the day of trading, the fourth-largest cryptocurrency in history. Unfortunately for Kharijah, this stunning effort has failed to reverse the medium-term decline that has developed in recent months. In fact, a key sales signal has just emerged, despite the aforementioned movement.
As Colin Garner, a commentator for Cryptocurrency, points out, Hash Ribbons – an indicator to control the intensity of Bitcoin’s hash index – has just seen a variable cross. While this in itself is nothing, the exact cross-section of the ribbon remains was last seen “not long before bitcoin fell from $ 6,000 … TL; DR, this is a signal.”
To better understand the importance of miners’ capitulation, here is the sector podcast and bitcoin ball in Preston Pi. As the Pysh chart below shows, the capitulation of the mining industry is clearly due to the near destruction of $ 6,000 to $ 3,000 at the end of 2018.